registered bonds is recorded.
o may be more attractive than registered bonds to those seeking to avoid taxes.
4) Legal, regulatory, and tax considerations (Los 42.d)
a) Legal and regulatory issues addressed in a trust deed
a.1) Issuing Entities (Tổ chức phát hành)
Sovereign bonds are most often issued by the treasury of the issuing country.
Corporate bonds may be issued by
o a well-known corporation
o a subsidiary of a company,
o a holding company that is the overall owner of several operating companies
Special purpose entities (SPEs) (in the US)/ Special purpose vehicles (SPVs) (in Europe)
o created solely for the purpose of owning specific assets and issuing bonds to provide the
funds to purchase the assets.
o Bonds issued by these entities are called securitized bonds.
o Often, an SPE can issue bonds at a lower interest rate than bonds issued by the originating
corporation because the assets supporting the bonds:
are owned by the SPE
are used to make the payments to holders of the securitized bonds even if the
company itself runs into financial trouble.
SPEs are called bankruptcy remote vehicles/ entities.
a.2) Sources of Repayment (Nguồn trả nợ)
Sovereign bonds are typically repaid by the tax receipts of the issuing country.
Nonsovereign government bonds are repaid
o by either general taxes, revenues of a specific project (e.g., an airport),
o by special taxes or fees dedicated to bond repayment (e.g., a water district or sewer district).
Corporate bonds are generally repaid from cash generated by the firm's operations.
Securitized bonds are repaid from the cash flows of the financial assets owned by the SPE.
a.3) Collateral (Tài sản đảm bảo – TSĐB)
Chia sẻ với bạn bè của bạn: |
